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Chariot Oil & Gas wins new licence in Morocco

Wed, 03rd Apr 2019 14:25

(Sharecast News) - Atlantic margins-focussed oil and gas company Chariot Oil & Gas announced on Wednesday that its wholly-owned subsidiary, Chariot Oil & Gas Holdings Morocco, has been awarded a 75% interest and operatorship of the Lixus Offshore Licence in Morocco, in partnership with the Office National des Hydrocarbures et des Mines (ONHYM), which holds a 25% carried interest.The AIM-traded firm said the Lixus Offshore Licence was located 30 kilometres north of its existing Moroccan acreage, and contained the Anchois-1 well gas discovery, which had 307 billion cubic feet of 2C contingent resources, offering near-term development opportunity.There was also "deeper potential" not penetrated by the Anchois-1 well of 116 billion cubic feet 2U prospective resource, with the board saying the material tie-back opportunities from low risk exploration prospects offered the company an "attractive upside" of 527 billion cubic feet of 2U prospective resources in satellite prospects adjacent to the Anchois discovery.Chariot said there was additional on-block exploration running room in the licence.It said it was looking at "world-class" commercial contract terms with high gas prices, in a developing market with growing energy demand, which offered a "potentially high-value" project.The minimal initial licence commitment was being funded from current cash, with future development anticipated to deliver strong returns and significant cash flow."The award of the Lixus licence provides Chariot with a discovered resource base offering a low-cost development opportunity and significant upside," said Chariot chief executive officer Larry Bottomley."The commercial attractiveness of the Lixus licence is further enhanced by its position offshore Morocco, a fast growing energy market with high gas prices and a need for increased supply."In addition to the development opportunity, the licence offers very low risk exploration tie-back potential in the same play; and higher risk, transformational lead potential in the sub-nappe."Bottomley said the company's understanding of the Anchois discovery developed when, following the results from the geochemical analysis of the hydrocarbons sampled in the Rabat Deep-1 well, it investigated nearby wells as part of a technical review of thermogenic hydrocarbons in the region.That insight into the geology of the surrounding area enabled Chariot to identify and capture the immediately value-accretive asset, he explained."We are confident that the commercial viability, which will be fully laid out in the feasibility study being commissioned immediately, will be highly attractive to a wide range of strategic partners across the energy value chain."Finally, I would like to thank the Ministry for their cooperation in securing this licence and we look forward to continuing to work with our partner ONHYM."

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